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goes-- moody's the justice department is probing moody's among other regulators and looking into-- they're going to see what they can extract from s & p and if they can win in court. >> i know for a fact there have been congressionalal hearings on this. moody's had e-mails we're' talking about, will rate-- >> and in order the same sort of stuff. >> that's what i just said, that's what i just said, that moody's is-- because they're not going to go after them all at the same time if they know-- >> and why moody's first? >> and ultimately though, can this just be a scare tactic, in other words, hey, don't ever think about downgrading america's debt again or... well, look, i hope not. i hope it's not just scare tactics and frankly, i couldn't be happier, i was yelling and screaming in '08, this was fought in plain sight and the conflict of interest of rating something that you-- that the people pay you to rate is a joke. it's like if you were a father of a daughter in the miss america pageant, you are the judge so i'm glad somebody is getting in trouble and i think that moody's will probabl
. so, we just pull out a couple of points. when we go back to standard & poor's and moody's in two or three months, we're going to pick up on the positive themes that they themselves have put forward. and this is in the rating agency report. i'm just going to read moody's. the double a3 long term rating, this is the quote from moody's, reflects the agency's diversified revenue base, sound financial management, with strong revenue raising flexibility, strong demand for central services and provides to san francisco. again, i'm going to pick up on that standard & poor's. even though we read a lot in the press, the revenues from a broad range of sources, that last sentence from standard & poor's and management strong track record of maintaining fiscally prudent operations while investing in a system. and that's sort of the theme. you're managing your operations and you're investing right back into the system. so, we're going to pair back some positives to the rating agencies and take that to the investor community. here's the the cost. currently you pay a peak of about $6.2 million in
>> this is "the journal." moody's slaps' britain with a ratings downgrade. oscar pistorius is free on trail ahead it is free on bond ahead of the trial for murder. it is time for this year's oscar ceremony. just as it seemed europe was making big strides in solving its debt crisis, moody's has announced it is slashing its top credit rating, the first time britain will lose its aaa status since 1988. moody's says it has downgraded it because the economy is likely to stay sluggish the next few years. the news comes as an unwelcome surprise in london, especially for the finance minister who says the downgrade has made him more determined to cut the public debt. >> moody's lowered the rating by one notch. it is a blow to the government. some analysts say the austerity policies are hurting the economy at a time when it needs stimulus to generate growth. the finance minister sees things otherwise. >> this is a reminder of the debt problems britain faces and the clearest warning to those who think we can run away from dealing with those problems. >> britain has struggled to reduce its deb
and is moody's the next shoe to drop. it somehow managed to avoid a justice department lawsuit, but perhaps not for much longer. back in a moment. tdd#: 1-800-345-2550 seems like etfs are everywhere these days. tdd#: 1-800-345-2550 but there is one source with a wealth of etf knowledge tdd#: 1-800-345-2550 all in one place. tdd#: 1-800-345-2550 introducing schwab etf onesource™. tdd#: 1-800-345-2550 it's one source with the most commission-free etfs. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 one source with etfs from leading providers tdd#: 1-800-345-2550 and extensive coverage of major asset classes... tdd#: 1-800-345-2550 all brought to you by one firm tdd#: 1-800-345-2550 with comprehensive education, tools and personal guidance tdd#: 1-800-345-2550 to help you find etfs that may be right for you. tdd#: 1-800-345-2550 schwab etf onesource-- tdd#: 1-800-345-2550 for the most tdd#: 1-800-345-2550 commission-free etfs, tdd#: 1-800-345-2550 you only need one source and one place. tdd#: 1-800-345-2550 start trading commission-free with schwab etf onesource. tdd#: 1-800-345-2550 call, click
to josh lipton with breaking news on moody's. over to you. >> you're there, maria, talking about debt, deficit spending. the news from moody's. the headline here. moody's has now and we're just getting this in. the uk government's bond rating has been downgraded from aa 1 to aaa. the outlook is stibl. growth outlook with a period of sluggish growth which moody's expects will extend into the second half of the decade. maria, back to you. >> all right, thank you so much, josh. here we go. got moody's downgrading the u.s. their bond raidings. what's your reaction? >> this is expected. in the -- what's expected there in order for them to get out of their debt burden they will node to do additional quantitative easing as well as grow their way out of it, and they haven't done any of that currently. but one could expect to see now cries for a fiscal still plus there as well as perhaps additional quantitative easing. >> big deal that moody's is downgrading the uk? are they going to downgrade the u.s. given our situation here, that we are moving from cliff to cliff? >> well, maria, i guess i'
moving here. we're looking at declines across the board. s&p in the news today. mcgraw-hill and moody's both weaker. down 14% on mcgraw-hill. josh is at headquarters with the latest. >> hey there. we're watching these rating agencies which are getting clobbered today. the reason is federal and state prosecutors planning on bringing civil charges against s&p for wrong doing in its ratings of mortgage bonds prior to 2008. s&p firing back. saying the lawsuit would be entirely without factual or legal merit. you can see mcgraw-hill owner of s&p moving lower. and you can also see the rival moody's slipping now hard into the red. back to you. >> thank you, josh. stocks off to a bad week -- bad start, rather, to the week. this comes after five consecutive weeks of gains. so while many investors are optimistic, our next guest is warning the quality of earnings is not that good. and the state of economy is not much better. which could mean we have more down days like today. >> all right. let's talk about it. chris weiland. also joining us here is mark martiak. but let's start with you, chris.
around the world. sterling hits a 2 1/2 year low after moody's strits strips britain of its aaa credit rating. george osborne, still defiandef. >> brittant cannot let up dealing with its debt, dealing with its problems, cannot let up in making sure it brings the -- to the world. >>> chinese factory activity in february heads to a new two-year high. >>> and voting is under way in italy in one of the most unpredictable elections in the nation's history. welcome to today's program. kelly is not here because she is somewhere else. to be fair, she's in barcelona. that's where the wireless provider with big hopes for 4g technology in the uk. we'll find out why the industry is looking forward to the next big things. kelly will be talking to everyone from everywhere at 10:40 cet. >>> yumm brand sess trying to prepare its reputation after a chicken scandal. >>> and delivering a sharp warning will be in seoul for the latest at 10:30 cet. >>> plus, bp's highly anticipated trial kicks off in new orleans as the blame game continues over the deepwater horizon disaster continues. that's at 11:20 cet.
of dollars. structured products, as in cdos, enormous gravy train for the rating agencies. moody's had the highest operating margins than any s&p company for five years in between 2002 and 2007. five of those seven years. but moody's is not a part of this. which i do find strange. >> all the stocks down sharply. >> stock down sharply. state ags may get involved, according to "the new york times." i have not heard that. but my moody's was not a part of this. it's at least a question. i don't understand why it wouldn't be. why wouldn't this be a concerted action against all the rating agencies? and we are six years since this was allegedly -- >> maybe they have someone. >> right. >> maybe someone's cooperating with the government. >> there were plenty of people who testified in front of various committees in front of the financial crisis commission. >> we're on the floor of the stock exchange where people are convinced there is a con spir assy theory out there with the government. >> and the fact that the s&p is the only one that did that. >> exactly. >> united states of america, and i h
in 2008 and before that. so we're down 13% on mcgraw-hill and moody's is down. waiting for yum brands earnings. brian belski and peter costa. both of you -- let's see. i'm going to start with you. you've been constructive on this market. you think we should be going through a selloff anyway right now. >> sure. the markets run a lot. economic numbers have been good. people have been looking for a pullback. here's your pullback. longer term market still looks healthy. >> you were skeptical of this rally going into this now. >> i was skeptical at the beginning. >> and you threw in the towel. >> i saw the light like most people. >> now what? >> i think this is healthy. i think we might even see this again maybe this week and next week. i think it's a perfect buying opportunity. the market still has a lot of room on the upside. not a lot. let's say 5% or 10%. >> one investment idea. >> technology right here right now. most hated sector around the world. >> it is. all right. thank you guys. see you later. going out near the lows of the day. right now reading the closing bell, new york city
and french soldiers. the credit rating agency moody's has stripped britain of its top aaa status. lower credit ratings can make it more expensive for governments to borrow money. moody's says the british economy is not looking good in the medium term but the government says it will stick to its program of spending cuts. >> i think this is a stark reminder of the debt problems that britain faces and the clearest possible warning to anyone who thinks we can run away from dealing with those problems. and far from weakening our resolve to deal with britain's debt it should redouble our resolve to deliver a plan that has cut the deficit by 25, delivered 1 million jobs but also of course delivered record low interest rates to many families. >> the economy is playing a central role in italy's election campaign. the main candidates have held their final rallies ahead of voteding on sunday. bers coni is making one more bid to be prime minister but the front runner is from the center left democratic party. the french foreign ministry says drug tainted horse meat may have entered the food chain. t
more on the day's economic news and the rally on wall street with moody's chief economist here in just moments. but international turmoil has created an uncertain future for u.s. interests abroad. secretary of state hillary clinton's last day in office marked by a deadly terrorist attack on the american embassy in turkey. fox news national correspondent jennifer griffin with our report. >> reporter: the 67 secretary of state has le the building, a packed stairwell for hillary clinton as she exited. her staff wind the state department of to say goodbye, many believing they will see her on the public stage again in 2016. >> i am very proud to have been secretary of state. i will miss you. i will probably be dialing up just to talk. >> reporter: with a cloud of benghazi hanging over her, secretary of state clinton's last day was marred by another attack on another us. embassy overseas, this time a suicide bomber in turkey at the gate on the perimeter of the embassy. an embassy that has been slated to be moved for security reasons. the state department today emphasized security at the emba
is where why are they only targeting s&p? why not moody and fitch who is also rating these collateralized cdos. >> i don't know why they would target only s&p. moody's is every bit involved. fitch, too. the whole rating system is broken because as you pointed out in your excellent piece leading up to this, that the rating agencies are paid by the investment banks. any time they are paid by the investment banks as their employees--their own employees pointed out, they're going to do what the investment bangs have banks have asked them to do, which is to rate these cdos. there were thousands of these cdos and cdos squared and all sorts of squirrly securities that were rated triple-a. and the reason why they were rated triple-a, that's what the banks wanted them to do. they did exactly what they were paid to do. the model is broken, all these ratings agencies that have this model should pay. the litigation should be brought against them. i don't i don't why it's just s&p. moody's was just as bad. fitch was justed a bad. >> jennifer: maybe they only had evidence to go after them first. i don'
is cooling. moody's chief economist tells us where we're headed. ♪ lou: president obama expected to call for more spending in tomorrow state of the union address. moody's chief economist joins us to tell us how the markets will react. just moments. first stocks opened with modest losses. the dow jones industrial down 22, s&p lost a point and nasdaq down to. two and a half million shares traded on the big board. i'll ask what that means. the lowest reading level since the 28 to december. fox business charlie gasparino reporting that that nasdaq group holding talks about taking them as -- nasdaq market private. the company is working on of rest what size workable computer. and i watch. the price of gold down almost $18 a day. crude oil up the dollar 301 closing above $97 per barrel. so far this year will up almost 6%. in the bond market the government's tenure treasury closing with a yield of just under 2%. passengers on a five day cruise in the gulf of mexico are spending a few more than five days. the ship's engines caught fire over the weekend. that was not helpful. sending more than 42
him take a sip and we have chris moody senior writer, thank you for joining us. >> thanks for having me. >> michael: i want to get your take on the speech. you've seen a lot of them. you've traveled with other candidates now a lot. what did you think of the tactic that the president used hast night? >> well, it was an old fashioned state of the union speech where they put out a long liberal wish list. he proposed a lot of big ideas as you said, quite a few of them are not going to pass congress, particularly he talked about raising the minimum wage, the federal minimum wage to $9. just this morning john boehner said no way. so he's got a couple of avenues he can go down, but not nearly as he mentioned hast night. >> michael: you know one of the things that he said hast night talked about the deficit, and how all of these programs that he was introducing to congress--i'll get to talking about what you just said as well. weren't going to add to the deficit. let's listen to the president. >> obama: let me repeat, nothing i'm proposing tonight should increase our deficit by a single dime
standard and poors rating under mcgraw. >> that's right. mcgraw, moody's and mcgraw here. moody in the same sort of business down 11.25%. no doubt mcgraw hill, moody's, all the ratings agencies facing near term litigation risk from the department of justice, which, obviously, moved in on standard and poors' rating services saying up to the financial crisis about the ratings, that they inflated the ratings for the securities backed by risky sub prime mortgage loans. we want to show you mcgraw hill, right here, down 11%. both of these names under significant pressure, double digit percentage losses. however, the analysts say these risks are really in the near term, and they don't seem worried long term. back to you. liz: okay, thank you. no worries when it comes to the technology sector. so many names are very hot, apple, blackberry, dominating the conversation latelyings but one information technology company has been flying under the radar very quietly, out performing animal -- analysts' expectations, solar winds. they beat top and bottom line leaving investors wonder if they keep the momen
. still, it does beg the larger question, if you're going after s&p, why wouldn't you gone after moody's as well, the other large ratings agency that engaged in so many of these practices that we're well aware of given all the e-mails unearthed and that which scott referred to. here's what holder had to say on the overall question of whether this was political payback. >> they did what they did assessing what the credit worthiness was of this nation. we looked at the facts, the law and the investigation that these great prosecutors and civil lawyers put together and made a determination that the filing of these lawsuits is appropriated, but they are not in any way connected. >> the settlement talks as we've previously reported, the government saying we want at least ten plus, at least $1 billion. mcgraw hill, the parent of s&p, had come back perhaps with $100 million offer. they also want an admission of guilt. hence, they have brought those charges, but it's going to be quite some time until we see them, if we ever do in a court of law. >> david, what's the answer as to why moody's is
now. could looming massive across-the-board spending cuts krosh main street? moody's analystics economist mark zandi joins us. >> and later on larrylow is here to explain why he says the spending cuts could actually boost our economy, not hurt it. all that coming up. do not go away. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-294-5412. omnipotent of opportunity. you know how to
% in their revenue growth. so overall, great for linkedin. david: talk about moody's for a second. we were focusing on mcgraw-hill. looked like the government was focusing on them. new york attorney general is expanding his purview. not an official investigation yet. looks like he is probing into what moody's did. >> as an overhang, dave. an overhang on this company. we're seeing these down arrows on moody's. david: down 7%. looks bad. looks awful. it was down 12% earlier. it come off the lows at least. >> good point that is fair. liz: google to an awl time high. that we have to look at that one, nicole. >> always fun to say you're at all-time high. remember the ipo was 85 bucks? if you're in that ipo, up over 800%. david: thanks for reminding me what i missed. i bought apple at 89 at one point. i didn't miss the run-up there. it had a good day today, right? >> einhorn of green light has made his voice non. it is having a great day. up 1 1/2%. it was $435 recently. we've seen it at these levels we haven't seen in some time. [closing bell rings] liz: there we go. the bells ring on wall street on thi
're getting news here, breaking news from moody's of a downgrade of a country. the united kingdom's government bonds have been downgraded a aa-1 by moody's to a aaa. that is one shot downgrade. excuse me to, to aa-1 forgive me from aaa to aa-1. it is a one should have shot downgrade for the u.k. government bonds. this is from moody's. we'll see whether the other ratings agencies follow suit. moody's downgrading u.k. government bonds one shot. we'll give you more information as we get it on fbn. sandra: real estate market has been a bright spot for investors in the last few quarters or so with a mild recovery in the sector but this week we saw mixed data coming out from home builders leaving some investors slightly optimistic, david. david: will housing continue to climb this year or is this the end of the rally? joining us steve brown, american century investments senior vice president. steven you claw your way back up and fall. it must be so discouraging to see when there is bad news. overall question about reits, whether or not they have sort of shaken off the stigma of the subprime debacle?
of 1987. feow bond ratingagency moody's also got hit, dropping 10.7% on heavy volume. two years ago the financial crisis inquiry commission called the big credit ratings agencies, "key enablers," of the financial crash. moody's has not been mentioned as part of the expected action from the justice department. while the market awaits to hear if there's a deal to take dell private, another tech giant is making a deal. orcale wants to buy telecommunications gear maker acme packet. oracle's purchase continues the company's growth into internet networking gear. that strategy really began three years ago when oracle took over sun microsystems, and continues with its buyout of acme, valuing acme at $1.7 billion in cash, or $29.25 per share. the buyout offer sent shares of acme packet up 23.6%, closing above the offer from oracle. this is an 11 month high for the stock. oracle stock fell 3%. the company has the cash to do the deal. in the last quarter it had more than $30 billion in cash and short term investments. facebook continues seeing heavy adin and votile ic swing the stock continued
things to make sure we don't have a second grade depression. >> an economist with moody's but this is moody's analytics who wrote a paper on this very estimated that without the policy response we could be 17 percent unemployment, a rate we have not seen since the 1930's. it would have been worse. people need to have a vague understanding of why the federal reserve did what it did and the obama administration did raise the deficit, bigger deficits are bad but there was a rationale for a stimulus package. but the biggest message of the book to me as the author is a paradox of the private markets ran amok but pretty effectively to put things back on track but at the end of the day you witnessed a sharp backlash you call it a big government americans are against it. but there was a reason for the government intervention the likes we have not seen since the 1930's and it would have been a preview. nonetheless you did have a backlash against the government in general, president obama, it would have been against him him, against a democratic party more generally, the federal r
. and we are strong enough that just this week,-moodies increased our ratings for the general obligation bond very few cities can say that is happening in their down right now. we did the right things create reserve after reserve i have been in those rating meetings and they are like interrogation meetings kind-of like a deposition if you have been to one of those and they are asking every single question that is hard to answer questions like if the state famous you what are you goingdo about it? what do you have in place if the federal government fails in their successstration what programs are failed here and what plans do you have to recover?. if you are not answering those with a lot of confidence you are not going to get the moodies rating increased at all and if you are able to do that with a solid t and i want to thank again the board of supervisor and is i know supervisor chu and reno are here today but i want to thank the entire board for creating an entire investor confidence because it's that level of collaboration and partnership that we need in every one of our economic
of the reasons why moody's perhaps made their move to upgrade our ratings was because they heard the rumor mill already about who we're about to appoint. [laughter] >> they wanted to reinforce that. but it's an incredible thing. i amoeba, -- mean, i think other cities are challenged by their ratings and we in the city working together, all of us sacrificing what we've done and having good discussions, are turning it around not only for us, but for future generations. and, so, i am pleased to announce carmen as the new assessor and that she will lead the effort there to do what phil ting did and so many others before them, is help us generate and get the revenues that we need, do it in an efficient, an expert professional way, and enhance the staff's hope and belief that not only do we have a good manager at the helm, but a good partner with the rest of the fiscal leads in the city that are doing all the right thing and conversing in the right tone. this is so important these days to register a whole city family of professionals to talk with, not only rating agencies, but with our counterparts
. if you want to listen to the credit rating agency, moody's say this. moody's can also downgraded the uk's government debt rating further in the event of reduced political commitment to fiscal consolidation. now on this side of the house we know that is a vital work we have to do. will he finally now admit that he is in favor of more borrowing? admit it. >> at militant. >> you always know when he starts asking me questions that he can't answer questions about his own record. the part-time chancellor said he would be a humiliation for britain to lose its aaa credit rating. now, mr. speaker. i know the prime minister is not big on humility. by his manifesto, but his manifesto did promise he would be accountable and open. so let's give him another ago. simple question. yes or no lex hasn't he failed the first economic test that he set out in this manifesto? >> look, i'm not arguing for one moment that the rating agency doesn't matter. that is his argument, his argument is the rating agency doesn't matter. the answer to do is borrow more not to take any responsibility for the mess they left.
down to negotate a deal. brian moody of autotrader.com joins us this morning with the insider's look. good to have you here. > > good morning. how are you? > you have named the new volkswagen beetle, dodge dart, cadillac ats, and nissan pathfinder as cars that you think are worth a test drive. what do you suggest for anyone taking a test drive in those cars, or any other car? > > what is important to remember is that if you are buying a car, there is no hurry. take your time. take a long test drive. the salesperson is going to want you to get in and get out quick, because they want to move on with their day and sell more cars. you should spend more time behind the wheel so you feel comfortable. also, what we like to do is bring our families, bring our stuff, our kids, our booster seats, our strollers. make sure all of that fits in the car so that the car fits your lifestyle. that way when you get home you're not bummed out that you got the wrong car. > what do you do when shopping for a car? > > what matters most is do your research ahead of time. we advise people, don't just show up
bond ratings agency moody's also got hit, dropping 10.7% on heavy volume. two years ago the financial crisis inquiry commission called the big credit ratings agencies, "key enablers," of the financial crash. moody's has not been mentioned as part of the expected action from the justice department. while the market awaits to hear if there's a deal to take dell private, another tech giant is making a deal. orcale wants to buy telecommunications gear maker acme packet. oracle's purchase continues the company's growth into internet networking gear. that strategy really began three years ago when oracle took over sun microsystems, and continues with its buyout of acme, valuing acme at $1.7 billion in cash, or $29.25 per share. the buyout offer sent shares of acme packet up 23.6%, closing above the offer from oracle. this is an 11 month high for the stock. oracle stock fell 3%. the company has the cash to do the deal. in the last quarter it had more than $30 billion in cash and short term investments. facebook continues seeing heavy trading, and volatile price swings. the stock continued a
as the hatchet guy but there are red flags. moody's and fitch gave the same ratings at the same time, they have not been sued, and the only ones to downgrade the government trading. why wasn't moody's and fitch included? gerri: a very good question and the one people are making today. the financial inquiry commission here is what they said, agencies were cogs in the real of financial destruction and enablers of a financial meltdown. >> that is a great sound by. those are great for lawyers like me but they don't win lawsuits. you have to have evidence and facts but i could point* to 100 different things, that resulted in the financial perfect storm. so to say they are the cog in the real, should they not give aaa ratings, probably not. gerri: there were the last stop, the last break in the system, people getting mortgages in over their head the banks gave them the mortgages. by the end of the day the investors are looking for advice if it was a good investment they all said sure, we like it. >> altogether i agree. they were supposed to be the safety net if they had all done their jobs this could
earnings from cboe, entergy, moody's and aol. >>> eu leaders could see the first real term cut in the history of the region's budget. jewel yeah is in brussels for us and joins us now. jewels, they had an all-night meeting and this has been portrayed as a potential victory for david cameron. is that how it's going to play out? >> if we end up with a real term cut in its budget, it's arguably a real term budget. i think he's going to have a tough time coming back to the uk and explaining that on monday if this is actually what we get. we're expecting the talks to resume in just under an hour's time and they're hoping to have a final proposal at that stage and things could move quite quickly. we live in hope. what we have heard earlier is that the rumors that italy are happy, so that would fit with this suggestion. but, you know, i know you were making the point earlier that this is a symbolic decision. we're talking about a sum of money that's ohm around 1% of the entire gdp of the eu. but i want to make the point that for some of the smaller members of the eu, this is vital mon
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